1. Field of the Invention
The present invention relates to a system for conducting financial transactions and more particularly to a system for transferring currency for disbursement at a remotely located automated teller machine (ATM).
2. Description of the Prior Art
Automated teller machines are well known for providing an individual with access to accounts which may be held at various financial institutions. In recent years, the availability of ATM's has increased such that it has now become commonplace for an individual to use such machines for the withdrawal of funds from various accounts regardless of whether or not the bank is open or closed. In fact, ATM's are often found in malls, supermarkets, and other areas where banks are not even present. Using an ATM, an individual can even obtain currency from a credit card.
Thus, it can be appreciated that a variety of cards exist for providing an individual with access to ATM's as well as various means for transferring funds electronically. Typical cards include a magnetic strip on which information for a particular account is encoded. The magnetic strip can then be read by specialized terminals. Credit cards, for example, are typically read by terminals at a merchant's site, commonly referred to as a Point of Sale (POS) terminal. The account number is then transmitted over a network along with the amount of the transaction in order to receive verification. Prior to authorizing the transaction, a remote central computer queries a database associated therewith to determine if the transaction amount is within the limit of the individual's credit.
Debit cards have also gained popularity and accessibility in recent years. Contrary to a credit card which is used to extend credit, a debit card is used to withdraw currency from an existing account and immediately credit the merchant. The amount of the transaction is deducted from the individual's account, which must periodically be replenished. Thus, debit cards require that a customer's account actually contain enough currency to cover the transaction in order to obtain approval.
Banking cards have also gained popularity over recent years. While similar to debit cards in that currency must be present in an existing account, banking cards are typically designed to access an individual's banking account remotely and without the aid of a teller. Banking cards are used in conjunction with ATM's and thus offer convenient access to one's checking and/or savings account. Due to the similarities in function between a debit card and a banking card, as well as the improved intercommunication between ATM networks, many banking cards are capable of functioning as debit cards. Thus, banking cards have gained overwhelming popularity among those who wish to travel or desire convenient access to currency.
There exists several ATM systems in the U.S.A. and around the world. These systems are interlinked such that an individual may travel to virtually any location and retrieve money from their account using a local ATM. The account is accessed by inserting a card in an ATM machine and supplying a preassigned Personal Identification Number (PIN). Upon verification of the PIN, the individual is provided access to their account and may withdraw funds therefrom. The ATM also allows individuals to perform various other transactions which normally requires the assistance of a teller. Such transactions include, for example, deposits, transfer of funds between accounts in the same bank, account balance, etc. The use of the ATM is facilitated by a keypad and various function keys. The keypad allows the user to enter specific numerical information, while the function keys allow quick responses to various questions or prompts. The individual is also provided with such conveniences as the selection of a preferred language for conducting the current session at the ATM.
Various methods currently exist for transferring currency from one location to another. However, these methods have not changed much since their original conception many years ago. One such method is a wire transfer. For example, an individual wishing to transfer currency to another at a different location would go to a first wire transfer office and have the currency wired to a second wire transfer office in the city where the recipient is located. This method first assumes that the second wire transfer office is conveniently located from the recipient. Furthermore, it assumes that the second wire transfer office is open at the time when the recipient needs the currency. While both assumptions have merit, one must keep in mind that most situations where currency must be transferred from one location to another are emergency situations. Thus, convenient hours may not exist, and the second wire transfer office may not be readily accessible to the recipient. When differences in time zones are accounted for, the present system of wire transfer becomes cumbersome at best.
While various methods exist for performing electronic financial transactions, none are capable of combining the functionality of wire transfers with the convenience of card transactions. The prior art discloses numerous systems and methods for conveniently performing electronic fund transfers. For example, U.S. Pat. No. 3,833,885 issued on Sep. 3, 1974 to Gentile et al. discloses an automatic banking system which includes a central processing unit coupled to one or more remote automatic dispensing terminal banking machines. The system provides fully automatic stations for completing banking functions in response to a coded credit card presented to a dispensing station. The system performs several standard checks of the credit card code prior to offering a transaction selection. The remote terminal assembles an authorization request and transmits it to a central computer. The central computer interrogates account files and transmits an authorization reply message to the remote terminal with instructions on how to complete the transaction. Upon completion of the transaction, the remote terminal transmits a completion message to the central computer.
U.S. Pat. No. 3,943,335 issued on Mar. 9, 1976 to Kinker et al. discloses an automatic banking system equipment which presents a remote customer station unit which enables the customer to carry out a number of banking services such as: deposits, bill payments, funds transfer between accounts, or cash withdrawal. The equipment includes programmable display means for instructing the customer.
U.S. Pat. No. 4,692,600 issued on Sep. 8, 1987 to Takahashi discloses an automatic transaction system including a card reader for reading data from a card containing user identification information encoded thereon. Upon insertion of the card, an operating unit is provided with transaction selection keys and an amount key, and a display unit.
U.S. Pat. No. 4,761,542 issued on Aug. 2, 1988 to Kubo et al. discloses an automatic money receiving and paying method and apparatus. Various types of guidance information are stored in advance in an automatic money receiving and paying apparatus. Necessary information is then selected from the various types of guidance information on the basis of user characteristics so that proper guidance may be provided.
U.S. Pat. No. 4,803,347 issued on Feb. 7, 1989 to Sugahara et al. discloses an automatic transaction machine which normally operates in an on-line mode with a central station. If during the course of a transaction a communications interruption occurs between the machine and a central station, the transaction can be completed off-line with storage at the machine of the off-line transaction data for later transmission to the central station for account updating.
U.S. Pat. No. 4,922,419 issued on May 1, 1990 to Ohashi et al. discloses a system for performing a desired transaction when the customer follows a specified procedure. The system includes an electronic visual display unit for simultaneously displaying a message and a graphic illustration, and a plurality of functionally operative and physically manipulative function units arranged around the display unit.
U.S. Pat. No. 5,064,999 issued on Nov. 12, 1991 to Okamoto et al. discloses an advance transaction processing method for conducting transactions on an automatic teller machine. The method involves registering transaction assigning data for assigning transaction operations to be conducted by the user, a transaction restriction condition, and a card identifying data on the card carried by the user. A transaction-operational procedure is stored in a storage device of the central procession unit by using the transaction assigning data as a key for search. When the card is inserted into the automatic teller machine, confirmation is provided as to whether the transaction restriction condition is satisfied. The transaction operational procedure is then read and the automatic teller machine is allowed to process the transaction.
U.S. Pat. No. 5,175,416 issued on Dec. 29, 1992 to Mansvelt et al. discloses a method of transferring funds. A first "smart card" is linked to a first financial institution. The first smart card then debits an account held at the first financial institution and records a corresponding credit value in the first smart card. The first smart card is linked to a second, similar device so that the credit value in the first device is reduced and a corresponding credit value is recorded in the second device. The second device is then linked to a second financial institution and the credit value in the second device is reduced while a corresponding credit value is recorded in an account held at the second financial institution. The first and second devices each store at least a portion of a program which is run in a synchronized interactive manner between the first devices.
U.S. Pat. No. 5,220,157 issued on Jun. 15, 1993 to Martin et al. discloses a time delayed cash dispenser which is interconnected with a node processor interfaced to an EFT system. The node processor emulates an ATM in order to access and perform transactions through the EFT system. A printer may be activated in order to issue scrip representative of authorized cash disbursements. The node processor also generates electronic commands to activate the cash dispenser upon manual entry of a transaction code to disburse cash redemption for the scrip.
U.S. Pat. No. 5,326,960 issued on Jul. 5, 1994 to Tannenbaum discloses a currency transfer system and method which utilizes the existing ATM network. The system is capable of temporarily assigning a PIN number and temporarily establishing a credit limit within an existing account. The system allows a customer to withdraw an amount equal to or less than the temporary credit limit by using the temporary PIN at an ATM machine. The depositing customer can establish a temporary credit limit by transferring funds from an existing account or the depositing customer can purchase temporary ATM cards which contain preprogrammed credit limits. The credit limits are then read into the system under an assigned temporary PIN number.
U.S. Pat. No. 5,350,906 issued on Sep. 27, 1994 to Brody et al. discloses a currency transfer system and method which utilizes the existing ATM network. The system is capable of temporarily assigning a PIN number and temporarily establishing a credit limit within an existing account. The system allows a customer to withdraw an amount equal to or less than the temporary credit limit by using the temporary PIN at an ATM machine. The depositing customer purchases temporary ATM cards which contain preprogrammed credit limits. The credit limits are then read into the system under an assigned temporary PIN number.
U.S. Pat. No. 5,382,777 issued on Jan. 17, 1995 to Yuhara et al. discloses an automated teller machine provided with a plurality of input means and a corresponding method for conducting transactions using the machine. A touch sensor is provided in the machine for producing a signal when a user touches a previously registered area with a finger. A character recognition sensor is also provided for recognizing characters drawn on another previously registered area. The sensor to be operated is selected in accordance to input data, the kind of transaction, and/or user preference.
U.S. Pat. No. 5,420,405 issued on May 30, 1995 to Chasek discloses a secure, automated transaction system that supports an electronic currency operating in mixed debit and credit modes. The system creates electronic money for personal transactions for integrating the functions of cash, checks, and credit cards with constant surveillance against fraud. The money can also serve as an international medium of exchange, and supports automated sales tax collection and payment. The system includes personal terminals, vendor terminals, an electronic banking subsystem, and homebase terminals.
U.S. Pat. No. 5,477,038 issued on Dec. 19, 1995 to Levine et al. discloses a method and apparatus for distributing currency. The method provides a process which allows electronic access to pre-paid funds for cash or payment for goods and services. The customer selects monetary value to be contained on an issued card which has a magnetic strip on the surface thereof with an encoded card number including a bank identification number and an account number. The central card processor establishes a zero balance database including card numbers. The database includes blank fields for customer data and the value of the account. Upon purchase of a card, the sales agent transmits customer information to the central database so that the account may be activated.
U.S. Pat. No. 5,546,523 issued on Aug. 13, 1996 to Gatto discloses an electronic fund transfer system capable of displaying a menu which has one or more user-defined transactions associated with an identification card. The system allows the user to select desired transactions via a single selection or with limited inputs. The transactions may be defined by the user during a setup operation and/or may be stored based on transactions performed by the user. Additionally, the transactions may be stored on the identification card, in the local memory of a transaction terminal, and/or in the system memory of the electronics funds transfer system. The system allows a user to access a number of financial accounts with different institutions using a single identification card.
Japanese Patent #58-129,578 issued on August 1983 discloses an automatic transaction device which discriminates bank notes and reads discriminating data out to a transaction controlling part through a register. A transfer designating button is applied to a control part and a charge operating part so that a charge of transfer data which is stored in the register may be calculated.
Japanese Patent #58-169,287 issued on October 1983 discloses a transfer processing system designed to improve services by performing transfers automatically and in parallel to either or both of withdrawal from or depositing on a deposit account.
Japanese Patent #60-69,774 issued on April 1985 discloses a money transfer processing system for secure transactions through an automatic transaction device. The system enables cash transfer to another banking agency by reducing transfer destination information that a person must input.
Japanese Patent #60-195,671 issued on October 1985 discloses an automatic money transferring device for making transfer operations to any desired destination at all branches of member banks of a nationwide bank association. The device provides simple operations which the customer can perform complete the transfer operations. A file device is also provided to store the names of all branches of the member banks.
None of the above inventions and patents, taken either singly or in combination, is seen to describe the instant invention as claimed.